Bank owned properties can often be bought for less...BUT...the Buyer must really investigate the property with professionals to see if it is truly a good value. Most banks have never seen the properties they own. This is one of the reasons they announce up front they have no knowledge or history of the property. When they do accept a contract offer, before it is a ratified contract, they will have the Buyer read and sign their additional addendums which supercede anything on the original contract, whereever it may differ. These addendums range anywhere from 5 to 30 pages and yes they are in the banks favor and holding the Bank/Lender Harmless for any past, present or future problems that may arise.
This is one of the reasons it is so important to have a professional home inspections. As far as sinkholes, the first thing to do if you are concerned about a particular address or a neighborhood with a history of reported issues is call the towns zoning department and ask them if there is a reported sinkhole at the address or adjoining lots. As to how serious it is, or whether it was an actual sinkhole you would need to see the reports. If the engineering report does state it is a sinkhole, the next questions is what was reccomended to be done, was there an insurance claim and was it done? If the insurance money was not used to fix the damage it may not be insurable in the future. Now most insurance companies will only pay for repairs and not issue the funds to the owner, to prevent them from keeping the money and walking away from the home.
Some sinkhole remediatiion companies offer various types of insurance policies and warranties after they have completed their work. It is important to read the details and ask questions reguarding what they are covering. Some insurance companies will not issue sinkhole insurance on a remediated property. Remediation can be quite expensive pinning and grouting the damaged areas. Once it is remediated some people feel the house is more stable than one that hasn't been pinned, while others are not comfortable with it. There is a stigma which often affects the property value forward. This being said there is a lot to consider when purchasing a sinkhole home.
Are you currently looking for a home or just browsing on line for now? I have a free service called â€œListingbookâ€, which I provide for my clients. It is like a back door into the MLS, which updates daily: new listings, price changes, solds & withdrawn listings, allowing you to really be able to follow and learn the market. I set up a basic search according to your guidelines. Once you are in, you can change the parameters as you need. If this is something you would be interested in let me know & I would be glad to set up your free Listingbook Account.
Since you live in the Tampa Bay area, I also have a free automated service called CITY (Curbside Info to You) available 24/7. I issue you a number you can call on ANY Real Estate For Sale sign and a computer reads the MLS information to you from the street address for all ACTIVE MLS listings. If this would be helpful let me know. I just need your cell phone and an email to register it. Once it is registered you won't get annoying follow up calls. If you want to talk to me there is a prompt or you can call me on my cell. If you want to put it on multiple phones, I can put up to three numbers on one user name. Just send the numbers you want added. I will email you the number you call in on and get the information. Put it in your favorites for quick access when you are driving around. I use it all the time.
I feel an informed client makes the best decisions regarding their real estate needs. Let me know if I can be of assistance.
Broker Associate, GRI, SFR, NHS
Real Estate Consulting, Marketing & Sales
Prudential Tropical Realty
2539 Countryside Blvd #3 Clearwater, FL 33761
This most certainly can be an emotion stirring subject. There, however is much we do not know regarding this specific property. What we do no is this is a Bank Owned home. Yep, Bank of America. In the process of purchasing a bank owned home through Bank of America, the buyer will sign a 19 page addendum acknowledging the buyer has exercised due diligence in regards to ALL things of material value. The addendum further requires the buyer so agree to "HOLD HARMLESS" Bank of America for any future, past or present defect that may be present.
When one chooses to buy a Bank Owned home, the buyer needs to know what they are getting into.
Without the 300 page engineering report detailing the results of the bore and GPR tests, one can not determine the nature of geophysical structures beneath the surface.
However, we do know, when purchasing a bank owned property, the buyer must find good experts to rely on and check everything twice.
If you a looking for a great deal on a Safety Harbor home, check what's currently available on the MLS. http://www.MyListingbook.com
Best of success in finding your Safety Harbor home,
ReMax Realtec Group
Palm Harbor, FL
727. 420. 4041
Open House today 1640 Curlew Rd, Dunedin, 4/3/2, pool home, 1994 construction